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Business & Finance

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Leaders at COP29 Azerbaijan; Source: COP29 Azerbaijan
Business & Finance

COP29 delivers hat trick with $1.3 trillion on the cards but lack of stronger mitigation and finance action seen as ‘betrayal’

COP29 has managed to reach a consensus on tripling climate finance while setting a new worldwide target to direct $1.3 trillion of climate finance to developing countries by 2030.

16 minutes read
COP29 Azerbaijan; Source: COP29 Presidency
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Business & Finance

Carbon markets are a go but trillions at stake: Will ‘climate finance COP’ deliver the goods at the eleventh hour?

Given the trillion-dollar gap between the Global South’s demands and the Global North’s proposal for a new climate finance target, the 29th Conference of the Parties (COP29) has run into overtime in one last attempt at bridging the divide and finding common ground all parties can get behind. The cal

21 minutes read
An aerial view of an LNG complex
Business & Finance

BP okays Indonesian $7 billion project to unlock additional gas for Asia

A consortium led by the United Kingdom’s energy supermajor BP has reached a final investment decision (FID) on a project featuring enhanced gas recovery (EGR) through carbon capture, utilization, and storage (CCUS) in Indonesia.

about 1 year ago
$60 million in contracts to keep Solstad vessels at work for 900 days
Business & Finance

$60 million in contracts to keep Solstad vessels at work for 900 days

Norwegian shipping company Solstad Offshore has secured multiple new contracts and contract extensions that have a combined value of around $60 million and represent around 900 vessel days. The construction support vessel (CSV) Normand Valiant has been awarded a one-and-a-half-year firm contract wit

about 1 year ago
Newly developed ROV duo destined for Solstad vessels pass factory acceptance testing
Business & Finance

Newly developed ROV duo destined for Solstad vessels passes factory acceptance testing

Norway’s Omega Subsea and Kystdesign have completed the factory acceptance test (FAT) for two newly developed remotely operated underwater vehicles (ROVs). The collaboration developed the Constructor Compact ROV, said to be a versatile, scaled-down version of Kystdesign’s Constructor model, retainin

about 1 year ago
'World's largest utility company' enters Greek interconnector
Business & Finance

‘World’s largest utility company’ enters Greece’s largest island interconnector

A wholly owned principal subsidiary of Chinese state-owned electric utility corporation State Grid Corporation of China (SGCC) has purchased a 20% share in a subsidiary owned by Greek transmission system operator (TSO) Independent Power Transmission Operator (IPTO or ADMIE), thereby entering what is

about 1 year ago
FPSO Petrojarl Knarr is expected to work at Equinor's Rosebank field; Source: Altera Infrastructure
Business & Finance

Development moves forward but pending court verdict could spell the end for UK’s giant oil & gas projects

As the climate crisis intensifies, so do legal challenges for hydrocarbon projects, especially in the United Kingdom (UK), where two North Sea operators and climate activists are locked in a court battle with the potential to put the fossil fuel industry out of commission.

about 1 year ago
NKT nearing finish line for its Swedish expansion project
Business & Finance

NKT nearing finish line for its Swedish expansion project

Denmark-headquartered power cable manufacturer and installation firm NKT is nearing completion of its expansion project in Alingsås, Sweden, with access to the test hall and new buildings set for next month. NKT announced it was expanding its operations in Alingsås to boost the production capacity o

about 1 year ago
Brage platform; Source: OKEA
Business & Finance

North Sea oil & gas project named after Odin’s mother from Norse mythology gets the go-ahead

OKEA has received the Norwegian government’s blessing to move forward with its plan for the development and operation (PDO) of an oil and gas field in the North Sea off the coast of Norway, which will be tied back to an existing platform.

about 1 year ago
Liquid Wind secures €44 million to speed up develpment of e-fuel plants
Business & Finance

Liquid Wind secures €44 million to speed up develpment of e-fuel plants

Swedish e-fuel plant developer Liquid Wind has secured €44 million in Series C financing to support the development of ten e-fuel facilities by 2027. The raise, which is said to be one of the largest funding rounds in Europe for e-fuels this year, was led by Uniper, HYCAP Fund I SCSp, and Samsung Ve

about 1 year ago
Two methanol-ready subsea rock installation vessels to enter offshore wind market in 2026
Business & Finance

Two methanol-ready subsea rock installation vessels to enter offshore wind market in 2026

Rotterdam-based CSL OWL Subsea Rock Installation (CSL OWL SRI), a newly formed partnership between The CSL Group and Offshore Wind Logistics (OWL), has placed an order for the construction of two subsea rock installation vessels that will service the offshore wind sector. The DP2 vessels will each h

about 1 year ago
DFDS
Business & Finance

DFDS: Turkish logistics acquisition reaches completion

Danish ferry and logistics company DFDS has completed the acquisition of the international transport network of Ekol Logistics, headquartered in Türkiye’s capital city of Istanbul. As disclosed, DFDS purchased the Turkish logistics player for a debt-free price of DKK 1.8 billion (about €240 million)

about 1 year ago
DeepOcean, Rem Offshore, Myklebust Shipyard land largest contracts in their histories thanks to Equinor
Business & Finance

DeepOcean, Rem Offshore, Myklebust Shipyard land their largest contracts ever thanks to Equinor

Norwegian ocean services provider DeepOcean has secured what it says is its largest contract on record which includes the provision of subsea inspection, maintenance and repair (IMR) for compatriot state-owned energy company Equinor, keeping it busy for eight years, from 2027 to 2035. DeepOcean said

about 1 year ago
Bright yellow ocean energy device named Mocean Blue X
Business & Finance

Mocean Energy secures new engineering study, crowdfunding campaign gains momentum

Scottish wave energy company Mocean Energy has clinched an engineering study with a “major energy operator” to further explore the integration of its Blue Star wave energy device into their project. According to Mocean Energy, this follows their first collaboration and builds on the growing potentia

about 1 year ago